Investors yesterday accepted the move of GPT CEO Michael Cameron to become CEO of Suncorp (SUN).
The surprise appointment was revealed yesterday in statements from both companies.
Suncorp shares rose 2% to $13.84 in a market which was weak all day. GPT securities rose 1% to $4.69.
Mr Cameron was CEO of GPT Group for six successful years, as was the man he is replacing at Suncorp Patrick Snowball.
Mr Snowball will return to his native Britain after stepping down in October. Mr Cameron will then take the top job.
Cameron’s understanding of Suncorp and the financial services industry "makes him the ideal person to lead the company through its next phase of growth," Suncorp chairman Ziggy Switkowski said in a statement.
Seeing he’s a director of Suncorp, that understanding is easy to see.
Mr Cameron joined Suncorp’s board in 2012 and has previously held senior positions at Commonwealth Bank, National Australia Bank, St George Bank, Lend Lease and Barclays.
“I expect that our regulators, retail, institutional and international stakeholders will quickly build confidence in Michael’s leadership, values and priorities as they have with Patrick,” Mr Switkowski said in yesterday’s statement.
Mr Cameron said his leadership style at Suncorp would be “measured”, but said driving change was a “necessary" part of the job.
SUN 1Y – GPT’s Michael Cameron to join Suncorp as CEO
In an ASX statement, GPT Group Chairman Rob Ferguson said "this is a wonderful opportunity for Michael which reflects his great success at GPT".
"Mr Cameron became CEO of GPT at a very difficult time. During his tenure he has worked to stabilise the business, optimise its performance and has positioned the Group for future growth,” Mr Ferguson said.
Mr Ferguson said an internal succession process has been underway for some time.
"We are in a fortunate position, where we have a number of strong internal candidates for the CEO position. As you would expect we will also undertake an external search to identify any other potential candidates," Mr Ferguson said.
The candidates include Carmel Hourigan, GPT’s head of investment, according to media reports.
